Monday, September 23, 2024
Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
13D Filing. On Friday after the market closed, the SEC released a 13D filing filed by a group including former Comtech CEOs Michael Porcelain and Fred Kornberg. As part of the filing, the Group noted that on September 13th Mr. Porcelain delivered a letter to Comtech nominating a slate of eight highly qualified director candidates for election to the Board at Comtech’s 2024 annual meeting of stockholders, generally held in mid-December. The Group has engaged, and intends to continue to engage, in discussions with management and the Board of Comtech, as well as Comtech stockholders and others about the Company.
Details. According to the 13D, in addition to Mr. Porcelain and Mr. Kornberg, the group includes Oleg Timoshenko, founder of UHP Networks, and Jay Whitehurst, former President of Comtech’s Trusted Location product line. In aggregate, the Group reported ownership of 2,179,897 CMTL shares, or about 7.6% of the outstanding.
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